Sweden Q1 GDP Drops

By IBT Staff Reporter On 05/29/09 AT 3:57 AM

RTTNews - Friday, the Statistics Sweden said in a report that the gross domestic product or GDP dropped a working day adjusted 6.5% year-over-year in the first quarter, compared with a 4.9% fall in the previous quarter. Economists were looking for a decline of 6.6%.

On a sequential basis, the GDP decreased a seasonally adjusted 0.9% in the first quarter, after falling a revised 5% in fourth quarter. Economists had expected a decrease of 2.7%.

Among the major GDP components, household consumption expenditures declined 3%, while general government consumption expenditures rose 2.3%.